Ontario’s Energy Minister Bob Chiarelli, who claims that Ontario has earned $6 billion in profits exporting power, has now discovered an invisible $7 billion income from OPG for government that is paying for invisible schools, hospitals, and colleges.
In the Legislature on December 11, Chiarelli claimed:
In addition, over the course of the last eight years, they (OPG) have generated $7 billion in net transfer dollars to the province of Ontario to help pay for schools, hospitals and colleges.
So there could be no mistaking his point, he repeated it in the Legislature http://ontla.on.ca/web/house-proceedings/house_detail.do?locale=en&Date=2013-12-12&detailPage=%2Fhouse-proceedings%2Ftranscripts%2Ffiles_html%2F12-DEC-2013_L100.htm&Parl=40&Sess=2#P379_98641.
Also, the member should be aware of the fact that over the last eight years, OPG has generated $7 billion, bottom line””
Minister Chiarelli, who says that solving energy illiteracy is one of his top priorities, is hopelessly illiterate about OPG’s finances. OPG’s net income, payments in lieu of taxes, and water rental fees are all dedicated to defraying debt left over from the old Ontario Hydro. The old Hydro debt is held by Ontario Electricity Financial Corporation and that is where OPG’s payment go. The only extent to which the Minister can claim that income from OPG is helping to pay for government services relates to the debt guarantee fee of 0.5% charged to guaranteed debt. The entire amount of debt guarantee fee income to the government from all electricity sources totals about $136 million per year.
Little wonder Ontario has a deficit projected to come in at $11.7 billion when Ontario’s six billion dollar man is unable to comprehend the distinction between internal government cash flows and actual government revenue.
The Opposition parties have so far been unable to challenge the $6 billion man on his stream of phoney financial claims.
Ontario’s $6 billion man is generating such a rich stream of comic material that I have created a category, visible on the right hand side bar, to assist those interested in following his antics. On Twitter, follow the hastag #6billion$man.
ROFL – love the closing line of this post! Please forgive my plagiarism, but I just can’t resist applying your wording to our situation:
Here in Marmora, ON – Northland Power and their faithful local “pumped storage” supporters keep “generating such a rich stream of comic material” (while demolishing the credibility of gullible politicians of every stripe in addition to their own), I suspect our unique story might be worthy of a Hollywood movie production by the time this saga ends.
A career bonanza seems to be patiently awaiting the discovery and exposure of this scandalous story, by some brave investigative journalist? Or, perhaps awaiting an even braver lawyer that would dare try to help people in Marmora and Lake rectify their deplorable situation?
Why don’t you look into restoring the Grand Jury system in Ontario. It’s the legal remedy for handling corruption but was abolished in Ontario.
There is a Grand Jury bill, Bill 120, Oct.,2013, that has passed first reading in the OLA.
About . com, International Investing
Use SEDAR in Canada
Use EDGAR in the U.S. and if a Canadian company has financial dealings in the U.S.
Can also use:
Look at the Board of Directors Bios.
Stock shares & options owned by corporate officials/directors and insider trading.
NPI also has big “rainmaker”, J.T., on its Board.
Company also has 110 MW natural gas generator near Kingston. PC energy critic is also from the Kingston area.
Todd Smith, MPP Prince Edward-Hastings
NPI has two 10MW solar projects at Bellville North & Bellville South
MPP Todd Smith isn’t the Opposition Energy Critic. However, he is a strong advocate for building trendy pumped storage and biomass generators in his riding, without the slightest indication that consumers can afford the output from these new pieces of junk.
Market Watch, Mar.4, 2013
Northland Power Holdings Inc.: News Release
Mr. Tremerty beneficially owns or has control over 37.2 % of the outstanding common shares.
There are also other owners who hold the remaing stock/shares.
The Globe And Mail, Jul.22, 2011
“Entrepreneur powers his way to the top”
James C. Termerty, NPI
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